UPDATE: Piper Sandler Starts Procore Technologies, Inc (PCOR) at Overweight

June 14, 2021 4:25 AM EDT
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Price: $105.94 +2.58%

Rating Summary:
    8 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 14 | New: 23
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(Updated - June 14, 2021 7:58 AM EDT)

Piper Sandler analyst Brent Bracelin initiates coverage on Procore Technologies, Inc (NYSE: PCOR) with an Overweight rating and a price target of $100.00.

The analyst commented, "Since its founding in 2002, Procore has evolved from a project management tool for the construction industry into an end-to-end vertical cloud platform with 13 products. We are initiating coverage at Overweight and argue a premium valuation is warranted based on: 1) its domain expertise in construction and vertical cloud leadership; 2) compelling growth trajectory with the potential to 4-5x revenue by CY26; 3) a wide-reaching digitization opportunity in the $10T+ construction industry where it has less than 5% penetration; 4) an expanding and differentiated portfolio of 13 products, up from 4 in 2017; and 5) an attractive 80%+ gross margin model. We are establishing a $100 PT based on a target CY26E EV/ FCF multiple of 53x, discounted back 3.5 years at 12%."

For an analyst ratings summary and ratings history on Procore Technologies, Inc click here. For more ratings news on Procore Technologies, Inc click here.

Shares of Procore Technologies, Inc closed at $83.99 yesterday.

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